Constellation Oil Services is the largest offshore driller in the strongest deepwater market, Brazil. With all rigs contracted, it is less exposed to the softer market conditions currently impacting peers. According to our estimates, Constellation has 83% of its projected charter hire revenue secured until YE/27, the highest coverage in the peer group, which averages 57%. The strong revenue visibility, combined with attractive pricing relative to peers and an estimated FCF yield as a percentage ....
